Marking

First quarter domestic oil and natural gas drilling activity dropped to levels not seen since 2004, marking the end of six consecutive years of first quarter growth, the American Petroleum Institute (API) said in a report released Wednesday.

Chesapeake Energy Corp. is once again planning to cut its capital spending plans, marking the fourth time since September that the country’s largest natural gas producer has reduced spending to shore up liquidity.

Iberdrola SA’s acquisition of Portland, ME-based Energy East Corp. for an estimated $4.5 billion closed Wednesday, Iberdrola said, marking the largest industrial transaction ever carried out by a Spanish company in the United States.

Marking its second Kansas natural gas gathering action in less than a week’s time, Saxon Oil Co. Ltd. subsidiary Central Kansas Gas Gathering Co. LLC (CKGG) said it has acquired an additional 125 miles of gathering systems in central Kansas, bringing the total network to more than 240 miles effective July 1, 2008.

Marking its second Kansas natural gas gathering action in less than a week’s time, Saxon Oil Co. Ltd. subsidiary Central Kansas Gas Gathering Co. LLC (CKGG) said it has acquired an additional 125 miles of gathering systems in central Kansas, bringing the total network to more than 240 miles effective July 1, 2008.

Marking the turning in the seasons from injection to withdrawal, the Energy Information Administration (EIA) reported Thursday that 9 Bcf was pulled out of underground natural gas storage for the week ended Nov. 9. With the withdrawal well within industry expectations, natural gas futures continued its recent path of probing the downside, recording a low of $7.650 before closing out at $7.700, down 13.5 cents from Wednesday.

TXU Corp. shareholders Friday approved the leveraged buyout of the company by Texas Energy Future Holdings LP (TEF), marking the largest such deal to date.

TXU Corp. shareholders Friday approved the leveraged buyout of the company by Texas Energy Future Holdings LP (TEF), marking the largest such deal to date.

The North Carolina Utilities Commission (NCUC) on Friday approved the pending merger between Duke Energy and Cinergy Corp., marking the final regulatory hurdle to the transaction, which is expected to close around April 1.